Is Champaign, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Champaign has remained a Seller's Market.
Housing Prices in Champaign, IL
How much do homes in Champaign, IL cost?
Median Sold Price
$215,125
$139/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Champaign was $215,125 in May 2024, up 16.3% from last year, and the median price per square foot was $139.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $78.2K | $110.5K | +41.2% |
2 Bedrooms | $140K | $157K | +12.1% |
3 Bedrooms | $180K | $205K | +13.9% |
4 Bedrooms | $284.9K | $325K | +14.1% |
5+ Bedrooms | $329K | $360K | +9.4% |
Summary: Champaign housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.2%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 9.4%.
Median Sold Price Compared To Nearby Cities
Champaign | $184.9K | $215.1K | +16.3% |
Champaign City Township | $182.5K | $205.2K | +12.5% |
Savoy | $350K | $375K | +7.1% |
Champaign Township | $229.5K | $222K | -3.3% |
Housing Supply in Champaign, IL
How many homes are available in Champaign, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
255 | 281 | +10.2% |
Summary: The Champaign real estate market had 281 homes for sale in May 2024, a 10.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 4 | +33.3% |
2 Bedrooms | 36 | 36 | 0.0% |
3 Bedrooms | 126 | 125 | -0.8% |
4 Bedrooms | 70 | 91 | +30.0% |
5+ Bedrooms | 20 | 25 | +25.0% |
Summary: The Champaign housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
71 | 78 | +9.9% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Summary: A total of 78 homes were sold or pending in Champaign in May 2024, up by 9.9% month-over-month. Of the 78 sold homes, 28% were sold under asking, 24% were sold at asking, and 47% were sold over asking.
Days on Market for Champaign, IL
How long does it take to sell a home in Champaign, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 30 Days | +10.4% |
Summary: Homes in Champaign had an average of 30 days on market in May 2024, up by 10.4% compared to last year.
Breakdown of Home Sale Times
60 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During May 2024, 78 homes were sold in Champaign; 77% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.